Updates to planning parameters on Lakepoint Condominium collective sale site
Lakepoint Residence has a place location of 562,286 sq ft and is zoned for non commercial usage, with a plot ratio of 1.4, under the URA Master Plan 2019. The project comprises 304 domestic devices and five store devices. It is located within strolling distance of the Shore MRT Station. The site is also near the Jurong Lake Area, which will be the largest mixed-use business district apart from the city centre. There are a total of 2,652 residential units within a 500m distance, of which 712 units are from the adjoining Caspian.
Lakepoint Condo, a 99-year leasehold project situated on Lakepoint Drive in Jurong, was relaunched for combined sale on April 19. The earlier tender shut without quotes, and PropNex has actually taken part in private treaty discussions with engaged parties after the tender finalized.
PropNex Real estate, the exclusive advertising representative of the Lakepoint Condo cumulative sale, has publicized updates to the land planning specifications of the location in an announcement on July 13, following URA’s reply.
The present tender will close on July 22 at 2pm.
“We are heartened that the URA is prepared to unwind the varying elevation controls. With some of the blocks going as high as 12 and 16 floors, this will certainly record stunning views of the Jurong Lake Gardens in the new property,” says Tracy Goh, head of investment and also collective sales at PropNex.
JTC has also validated the property standard, which equates to an estimated land rate of $988 psf per plot ratio, inclusive of the project fee and also lease top-up premium.
The reserve rate remains at $640 million.
Along the southern border block dealing with landed properties, URA is prepared to loosen up the existing five-storey level control to seven-storey for the blocks. For the north-east boundary, blocks around an elevation of 12 storeys could be upheld, ensured it does not surpass the elevation of the existing 12-storey block as well as a minimal trouble of 10m from the typical border with Caspian residence is enforced. URA has actually stated it is prepared to consider further leisure of the building height of approximately 16 storeys for the continuing to be blocks along the north/north-west boundary, based on a minimum 30m problem from the usual boundary with Lakeholmz condominium.
URA has mentioned to the Lakepoint Residence Collective Sale Board that it is “prepared to relax elevation controls for future projects on the location”, based on situations and detailed examination upon formal planning application, according to PropNex.